The Sun. — London, England, 1826-02-11 00:00:00

Pcditnents which existing interests and circumstances inter- that the Bank may be always ready with seven or eight mil pose. He could not go as the crow flies. The Hon. Gentle. lions for the itnrnediate, service of the country. The liberality man . here referred to his former opinions upon the Bullion goes- of its issues on the part of the Bank would have perhaps efrecte tton. His ideas were the same now ; he saw as well as others ed much, and relieved pdblic credit' if the Ministers had not what was the desirable state to get at, but the difficult question choked the Bank so as to fetter its operation on trade and with olio was how to _get at it. .He thought that in the acguisi- commerce: .This was the more likely, because it would be lion of bullion there was some mysterious difficulty, which the seen that three-fourths of the panic was created out of the mere theorist cannot get at. It was necessary to bear in mind other fourth, for which there was some foundation, though the cause of the present difficulties. He agreed in there was little or none for the other threelfotirths. 'For in he main with the Right Hon. Gent. in regard to these, although whereass it was just the samese as in an alarm of fire at A theatre, he perhaps had kept rather too much out of sight the conduct of the great danger arse rom people treading each other Oovern ment in some of the transactions with the Bank. He to death in their anxiety to escape from that which was often should have to . speak of country banks and of- the Brink of only fancied danger. Just in the same way us he. would say on l i t gl'ind fin speaking ot"thent he would wish to be understood an occasion of' this nature at a theatre, he would candidly pro. as talking of systerns, and not of men. In apeaking of the Di- fess it was his opinion that if by any means the choke could be Teeters of the - Bank of England in particular, he shintld do relieved public credit and con fi dence would recover. Ile should. etolence• to himself' if he were to express any thing hut respect. next suggest to the Bank the propriety of not looking to such ; Ile had spent meet or his time in communication with them, very great profits on their business. It would be wise if they and felt dee highest esteem for them as a hot l y. B ut t h e would rest satisfied with realizing a profit of six instead of question was far too important to be blinked, out o f cons i. eight per cent. : :ind here he should remark, that it had been deletion to any men. At die termination of the war, great doubted at the time of the resumption of cash payments, .whe. j facility existed for the acquisition of 'specie. England had titer it was possible that a commercial country like this, having • .tie command oh ' th e consumption of all Europe for her com- concerns , both manufacturing and commercial of ,such extant modifies. It' it is inferred, because it was eaey to i;et gold as we had, could continue to ten that principle. As to the. then, that his easy to get it now, there could not be a greater popular - projects Corr relievingthe the pressureone for the now experi erect ion enced and mistake. It was easy to talk about contradicting issues: but it preventing its reunce, first was of ;nun be remembered that gold is not got without giving value a second national bank ; this he confessed he thuught a ha. for ii, • rhe facility of obtaining gold is gone. The ma- zardous expedient, - indeed he would not disguise his opinion. inifieturen of the Continent, as well as those of America, that it would rather tend to increase the confusion, if a great have gradually improved ; and, gem after year, we find banking establishment in the west were found contending with ourselves 8 little and a little more excluded. We had once the present in the east. ' The mere jealousies of two such great I Obtained the gold ; and he regretted that we had not placed concerns museoccasion very great inconvenience and trouble to our currency on a secure foundation while the-gold was in our the public. At present the hank knew its resources teed its I Pe:session. The Right Hon.'o-entlemen had said why did not risk—were there a rival bank, it would lit often induced to ha s House coke the necessary steps at - a former period. fie zard a risk now never contemplated ; and, upon the whole, he rims behoved this arrangement would be altogether impossible with •.t not forket that it - not in his present high situation he was t l eti a high and responsible Minister of the Crown, and in out very •great danger. Here he must say he had rarely overheard sly:attempt which might have been made to improve the within those walls a speech of' ,greater promise and )(lighter currency, 'Ministers central have anticipated no oppesition performance than that with whielli the Rile - It:Hon. Gentleman rate that side of the Douse. The preparationt to return to opposite this evening had opened the discussion. , What had he " 11 ponients were, however, attendea with great distress said ? That the bunk, forsooth, hadeconsented to relinquish! l'ecesril •ie • '.. • . . • • • ' ' thatart o'' i• • ~ , ) rataecting maeutac.tires ;and agriculture. 't'o return pr •a pnvileges, which secured to themselves alone] tip the i mmediate , vtaltv of the present ei eie „ n . the Beale pvilege of being united in a banking firm consisting of ' of England cluing the years 18'23 and 1824 hail become leis. more than six . persons. Now it appeared what waraetlie. extent 't'at of a, large amount of epecie. They, lied been during and value of this concession from the mere circumstance that out . the. war in the habit of giving e.) the Proprietors pf Bank 0;1190 banks there were riot more than 211 Which availed them. Stock a dividend of tee per cent. as well as large bonuses in rapid selves of nie privilege of having six partners in the firm. It i l „ ue ccasiou. In this there had been nothing to blame. But wes not therefore very likely that if the Legislature openedl • e es' he suspected,. a reluctance to give up a rate i)t* annual the field of epeculation in this way, and permitted an enlarged plit, which durin the war had afforded these dividends, it number of proprietors in banks, the number of partners would! e knrever influence d their conduct during peace ; it meld not be found to exceed that now fixed by law : since, in so very tCw ' a'i denied that there was some degree of blame.. The barren instances even six private gentlemen would be found to trust lansession of this large amount of :specie, was no compensation each other reciprocally. lie must say, that. if in consequence fir the advantages they had before possessed. They did h ,_ j of the enlargement of the numbers in a banking firm, ally trease t h e i ssue , o f the Bank, and alahottili there is no imme. country Ventleinen ehould be tempted to commit t heir p r operty diate connection between an increase of flank of England paper to the issue of these s peculations on an enlarg e d s ca l e as baniters, aped of country bunk paper, yet the one naturally follows the i they wiitild be guilty of ah egregious folly.—(A laugh.)-1t , tr.l . ,ce. An immense increase of the whole currency took place. w° , thl Iwo a very different effect, lie believed, if. time Right A .rear ers asshig knew what to do with it. The areciety to nccure some sort of of an Act for saectioning Banks, in which the partnshould seterest ten - tilted Bankers to lesid nemey upon mortgage, and only be liable to the amount pf the sten for which. they originally ether to put it out of their inineeliate mein The Bank • had consented to become liable. Ile.believed this woula prove ofE ' ''land was soon admonished e;as se as it found the de- a public benefit, byieducing a number of respectable men of viand fur gold increase, the loose rein with which it had - been undoubted property to embark in banking on this prudena and, tiding was suddenly jerked ep: Ile•complained oil of the un- as he considered itoolid principle of a joint stock tr o d c an for t'atinee4 of this atoneuca 'I he good faith amid sincerity of the .this purpose. If such a proposition were acted Ott e be should l'atik could not be qUestioned, and it was no doubt the first propoie that a public record should be kept of all smith baoking , duty, I' ' Directors . b` ley 0 its to preect themselree. The Precautions cotnpanies, their partners, capital, and separate liabilities t that Leer itdopted quickly efrece. il the Bankent in London. These these books should bte open to inspection yearly, mid that if it in their turn were compelled to contract their usual accommo- appeared any one had drawn out his repeal, or ,incurred 'pion to the Country Benkern, .and from the Country debt he should be compellable - to withdlaw. There was another ! hankers, the pressure was diffeeeci throughout the ccnin.' improvement to which lie should have to apologiz:n in the first ' try, In such a state of thingn some ni' the weakest houses , InstanCe) far drawing their attention somewhat in detail. Ile ,- 11 . to the ground, concealed insolvency now heconies apparent, i meant the question of time standard of value. And first he t idures become more frequent, anal iettie succeed, runs take i should propose that ptiyment in silver, well as gold, should Place upon Ilanke so generally that no prudent Banker feels ear I , be a legal tender. With respect to the-bullion question, he would without Bank, of England notes or rash actually before him I not disguise fromehe !louse that he thought that in 1818 some t°'the full unmet - it of what he omvea. , All the complicated ! very relined fancies h ad nteesessed• many both in and out of _lnechinery of credit in this coutery is at once deetroyed—no doors. The yeller , . of any fixed standard must in a great degree, n 'an can trust his n 'h 1 I v •ry man stands upon his own tee i uite e if riot altogether , consist in its invariability, and this lie re en thought would beat be attained, if the standard were tO be fixed trees. The ruin extends tel the mont Opelent and respectabte i men. Ile had known an instance oh man honourably and fairly - hy reference to the values of both gela and silyer n ittch a standerd of values Would be less variable. tiilVer is to be ‘ y ertii 200,0001. being compelled to apply for-relief. If you add - perinaticin ittun had at all times with a greater facility than gold. , The exit t ti e ,t° the presentetlarm;by any measures foe the , epee oi coinuierce end' foreign remittances made it Olen neces. 'li'littnt of the citrecney,eyou will do the greatest pransible in- i sir to send abroad epecie. that 'could be done without difli-1 ''''-tis• lle agreed in the propriety of eventually ana perinti• Entity in silver• but where gold was to be botight flint, as yrs n '.'n ly calling intltesmall notes, but &mined exceedibgly eh? 1 - 01 Wl] the case d with that of silver, all the ca fi t of an uncertMn • rnaloin et taking'any measures at uresenwtowmds!that oiij , sTt. At i t - , not from any opinion of their operation in the exchanges ;giv en standard were experienced. The greater always•!the tilt :attics , I • t Utt ' lie wished them withdrawn ;it was merely on account of : to the Bank the greater facilities the Bank could. giee to ''''• minty they occasioned to die poor whenever tiTe failure of ' its customers. If the Bank then were at liberty to use both ae I . A Bank took place. He lemcnted that thel/oVernment tied not a legal tender, its transactions would be conducted with greater' • wi tbsteinl the importunity of the 'country . Bankers, w h et , - t i ny l ease and with greater public accomniodation, because.it would ! tr gcti the cominuance of this - parr; but he did net like the , at all times lay its !landfill will on the silver, which would fix i Weempli of general principles to he :ought at this moment.— i the standard -of values with much more certainty; besides, I No man would discuss al;stract questions-when Isis luiuSe wait •if the silver were equally available we might double or- treble the an fire. 1 He must itgiti n repeat, that lie thought the reeenues ;anoint often required in specie. • Gold - too being, 'after all, in th e ;Intik of England, too much choked tip by its connection : but a mere merchandiseable commodity, it was open to the ope- With Gaverement. There had been a nd advaneTtl -eight. ! rations and conspetition . of trade, and -die Bankof England millions on. account of the weight; and if' the bargain was Might feel itself thwarted and opposed in collecting togetlar a' Llalipleted th e Bank world be in advance 13 mil/ione on this suet in gold suf fi ciaut fir its-purposes ; and lie was fully ems- ; I separate accouht. Of all the absurdities that had ever been yawed that it was perfectly possible for certain hausetein busi• iniogined, surely thin contrivance was the greatest. The me: 'best, with comparatively., inconsiderable meaes, to 'plieveet a lion wee to be cajoled into the opinten that it was getting aiugle once of iold getting into the hands !theltaiila ' , how- 1 rich and had a clear.Shtking Futul of five millions, by meetta ever anxious it mi e hehe to obtain it. The remark, that 'in the' Of telling every year to the Rank a certain amount of annul- old times we went on very well with atgold standard-and a gold.. i tits for forty-four years: Owing to the in g enious contrivances of currency, was not true. In the case of the American war al.] Loial Bexley, 'when_ Chancellor of the Exche quer, the Bank toiled to, th e war was- obliged to be terminated with inortili: ! ottal been eaddled with lining on account o f ` 4°"•crunTent the ceti ora foi want of geld ; and in the French war the Beide of deficiencies on the interest ofthealebeatnounting to seven end- eneland. stopped paynieet though the war went on, 'becaatC t'l)c French 'w 1 lions sterling. ou a riot hearken or consent to peace.'— (Geer; hear:) . ‘.. • . Tile. CHANCELLOR of the Ex dtt EQuE na—Those defieiences _Hy p . ersiating theretere in this stthitlard, we plucett our de in a state . EleiYtS of dependence oa other extraneous supplies, . not exceed fi ve mitlions and a half. - an lon other • • ' - 1 1 '.. BAILING. Possibly it Wash's error, buthe had E'en them' --;:( Lountnes ; anti it was the more -remarkable that t Is eountry, which of all Europe found itratell alone in difiiculties I ,te'ted at the formet. 'fliese, with ExChequer Bills lying in the " e „ e il-4 ' l k) to the amount of five million*, and the tread %%Tight, as to the maintenance of a standard, should still persist in main; ~"ulltirlg to above twelve millions, and fully justifying t h e trat . iniog•only a gold standard when the example of France was before their eyes. ' W g e°,liriety of the epithet dead vieight;iendered about twenty-two Mn both the gold and silver were taken " u nions and a half etcrling no longer disposable for the public as the stae o dard at' values, the difference between gold a n d silver convenience or purposeweif commerce, and actually locked up in hull been rather above 10 centhnes per catatedliougli it had ricat ;!e Bank that. amount of millions which. might be most ser. to a quarter and a halt', and even 11 percent., ire consequence cite to the public in cases of emergency, merely for the e'ilie d mantis of the Bank of England. which appeared to have r t ,„, 4 511 , 4 convenience of Government. Besides this, the Bank been driven to this measure by the Cabinet here having adopted h e T e 'teen- very fooliahly ituluced to lend a million and d the beautiful and attractive theory of an exclusive gold standard. _To give effect to his recommendation as to die adoption of a ', more on mortgages of land. Thus the Bank was choked silver and gold joint standard, he should propose that our silver li • .° area mount altogether of 24 millions. How then was it to Currency should remain up io the half.crowns, that the crowns n e : "Pected that it-lla'nk should be in that state which a Bank tient always be ' I ready take its • to name.y, to up engage- ,pools be called in, and a silver coin issued equal to a quarter meats, and • ' •'le. of n pound sterling, which should be Alcatel tender. This wuuld n , etie , exercise a powerful in fl uence on the state of pit ila w i .•! approximate our currency the nearer to that of France, between h- in easesvol -einergenc _, ,such - as they had recently *e n d s „ , pe'r„:e Ili •Goveriunda been eenbarraseed at all ' li' its tn ; ht nd ours, there wits a difference to our disadvantage. o f . Q sii - - " t)ns instead of its being a period of profound peace, an half per cent., that of France, being as lip to 1.--ours as JAI 1 a StoelL at Nitseray.five per Cent., steadilya there mintit to I. I ooking (et it in :mother point of :view, it would not be present system ; for thoUgn it was ut iave been some , excitse for such an atteinpt to case themeelvea tiler! prejudicial than the the "Pence of the Bank. But as it was, nothing Ceted true, that with ten sixeences of the old coin, a shrewd man • b e more efe h , clumsy thaw their mismanagement. All this while it might buy twelve of the new ; still according to the preseat sys . 'All alto be remembered, th at the Bank was no capitalist, tem he might da the smile now by purchesing silver at the mar eo ' its Capital was lent to Government, and Yet (4n:eminent ket price. Nor were Gentlemen to imagine that they would tentinued to choke it with burdensome consequencerai of its cut- I:e 1 mimed with alteavy and inconvenient weight of silver, to . a: fanciful nuance projects. The truth of tikpart of (wry about or travel with, for by atlopting i , ii rrasein~, American war. could be proved by a reference to the pe;io4l of die nen 11 rottod they could always procure 1004 in gold for let)!. war. In the year 1783, when this country we': in silver, at the rate of two francs, or 2.0 d. per IOU!. which Zr x periencing the greatest tritliculties' from the- consequences could be a consideration of comparatively smell importance. th at ware though just then .concluded, the Bank of Eng. Another fact which should not escape the House was, tAiat the }and it was - well kuown, was so far exhausted that it actually gold then went out of the country tamer than the silver would tled r iot hale a mini on s t er li ng in its possesnien, and was hav:! ;;one: thst, beeause of its portablity ; next, we had a all, but bankrupt. Again- - during the French revolutionary law hirinerly to prevent its going cut : now then was repealed, wee the Bank , was in 17117 obliged to suspend ite.paymente, and as if' to increliee the inclination of the people abroad for the tile coup de grace having been 'cis now well known as a matter coin; it was much * improved in its execution, mid indeed rat roils • of le • , os,ory) given to its solvency by the Austrian Loan.— per ' handsome ruin Ilenee it went out of time country very .. ..t h , e Bank then being itself possetted of no permanent capital, thst. In the olden dines It was obliged to be exported ftitudit "w wits it possible that being choked up by the wants of Gos lently, and considerahle houses would not meddle in the export 7 ,'ernment to the a mount of 24 millions, it should be at ease,:or of it, though in Want of it for their p a y ment, and the ille g al s e khae.tdbow_rooni for its own commercial operations ? Ile was trade was lift in the hands of Jews and poor jobbers. 'Before. far ftsna thinking that our embarrassment was any thing but it never went out but when the exchanges Were against cis, end 1 1 :s/entry ; yet he considered the Bank as it were the heart of the export. wait restricted.by its being illegal ; now, it went. out the cieculation of the country ; and if any check wag ex p er n i n i arg e gnantiiies from. the large houses whenever they tilt it armed there leaves sure to extend to all the Country !!soles. If 'convenient, the lebi restriction being removed. n'or all these elided to ' ' , t , all this, a frenzy of speculation, such as th a t w hi c h reaso na h e should contend the double standard was best and most they is id witnessed, should, like the win d, which miles often desirable. As the standard now stood in g old, the distress o fthe one knows not whence, break in upon the resources ofcredit, acid dayinereased the dinparity between the precious metals. Whilst tIY Paulin reason anti prudence, it was not wonderful such roe a measure too ce. • thin nature was pending in that Howie, all was ,hhtsalioulti hive taken place as we at this day witnessed. In. insertitutle—every one who had money owing began to line. fir. 1714 t , enthintly o f th e imprudence of Government in eitoking the it. This was me exasperation of the eq. Ile believed, how. ke with this dead load, the Ministers seemed to have foegot e ver , den mo s t 4 4 the Country Milken: were possessed of the t ha tnf, it Was their duty in peace to keep their money up, - as' lips ineene to niect their engagements, and he hoped that time would eif • tstY's ships were all read y for a start, lest an alteration in therefore be Eileen to those *hose a ff airs were in a ttate" to re. yr,t;""te however protnising t h e y n ow appeared, should render a quire time. Ile must confess he thought the Right Honourable heeestary, or a large sudden expenditure expedient. But Gentleman was not fully impressed yet with the intensity of the Here,',.. whilst they had been choking up the Bank with the con- distress that Wes felt abroad. His Resolution too gave the House ` t. ,: : 4 ltterietei of fo o lish philosophical conceits, th ey had ember- no oppertunity of mending it, because it did not at all reach the ute ed beth it and dte country, and were in such a state fur want point—anti when rte might have approached the subject he had or 7'L'ans.that they were unable to equip a fleet of ships of war declined it, for - it appeared he did not intend to propose any IVO -t•Ov_e:t zu make the least demonstration of hostiliti s, stint(' lution that no further - notes of private Country Bankers should I ,,cra be even real ground of 'provocation or Offenee.—(Year !• be stamped inefueure. He was for hie part of opinion that • he Power of a Governmentlike England consisted in its Tie I- it would he better to wait before the Legialsture took up. the 7,2,', which we had long since ceiscovered to be far b e y on d subject of limiting the issues of Country !sink notes for another il i l lary strength by the unerring test of experience. ' Thus in year. With this general eccorninendation he should now cons and i u mt great contest all our successes were owing to our money, tent him s elf, and steggest to the House the propriety on its part b..,.. s i t ough we never h a d m ore than between 40 and AO thousand' of recording, first, the opinion of the. Committee generally th r . hei , soldiers in the field ; yet they were sufficient, . under as to that resolution which they feel they ought to come to.— . 1 7 4 t e ttitariuished it r iti s h l ea d er first in the annals of fame, to Without attempting at present to screw up the thing, they . i e ° 7 1 , 8 principal means of wrestinq other nations frotn the should leave things as they were for a short period, so as to give , p il ot the powerful Usurper of the rhrone of France. Tais liberty for recoyering their former condition ofeheinselves ; end d thin _nu i rse of our greatness had been overlooked, and every .ens respected this part of the question' he felt convinced there . f6,7C I ► wd been sacrificed to fo o lish financial fancies. Be- was abundance of character, •ervdit, - and integrity in the Coun , therefore we could • say that the banki system was try, to prevent the possibility of any thing shaking it. He must u ei , e „ ect , ri as it now was, we emits take the dto kc out of it, to avow too that he was decidedly in favour of the etitabliehment , Banks nwkirt with tmagicthe c r o eq ulti lis tine te n e u h n alt e rr: eohft partners,b those , . which existed at present, consisted of partners not amourft ing th the number already allowed by law. Of the second' re faetthifltilliseiVneialajoWrirtayt mull', namely, the establishment of Branch Banks from the Bank of ISogland; belfighly 'approved. Connected . and, nom- Municatiog w4l: the klank of Englatul, guided by the experience afisiDirectors, tl.ey would be more suarded as to•the 'quantity of tifeir issue, and attend more parietularly to the state of the exchanges than any other banks could be expected to do. He was iidecese to the plan of withdrawing the one and two pound notes from circulation, and also to that of conimitiingthe cnr rency to the. hands of Comatiseionere. The latter he regarded as a good financial arrangement indeed,' but.an extremely bed political one; because he knew no one instance in which it was s timid practicable to disconnect any set of Commissioners from the Government. , He instanced the Commissioners of the Sinking Fund. Government would - menhge Commissioners jestes.they pleased, and therethre he could not Ace, de to such a regUlatioe. A paper currency he looked upon to be the most dt-sirahlJ. In the language or Adam Smith, geld and silver. were like highways circulating; the .;rass and patuare of a Coon, i trf,iint producing nothing themselves. Asehey meth" nothe ob. inined bgt by the exchange of one valeablecommodi ties in foreign countries, which Would be more profitably eniplaytei in produc tive labour at home, it followed that a paper currency was the ineet economical one, as augmentirg the capital of :he king here litsrirguments advanced on the other side were soll-dent.uc..ve. It we said, that in 1793 similar coavuleiotesin wade had taken pla7e t• yet in that year, though thee were Fxchetpier there ware no one. or two . pound ?times. Tee _.experience of • &attend for the last thirty-tiVe years Wes also suggested; but durieg that period Scotland hire a ch.enifeion et etie and two lealeit notes. He dee:. no better proof e s t , ort of his own posher) thin this. - Under . alnillion eurreecy we had (amyla ses:is ir, our trade, while, with a paper currency,- Scotland was free. from scoot misfortunes. In !Alden and Lancashire, no emell paper circulated ; all minor traneactiens were conducted by it)e help of a metallic currency, yet both time: plaers were recently scenes of the most violent commcrcial fluctuations. — This clearly demonstrated that bullion athiteled no greater 5.:.- curity than paper,' and therefore the letter was the preferable Insetium. Ile believed In his conscience, that the wlu dis trees arose from over-trading ; and yet, ie eet as. were the vale unties now resulting from public imeneurence, 'they wereetia a drop. of water to the ocean e `when compared with. the „ratite sequences of the celebrated SoutlreSee hobble. The Ha. the Gentleman then read a long extract :limn the :bowls . qi Commerce, in which the infamous schemes of the period alluded to, were detailed at much length, comprishig vileet cOnspiraces, against public pro erty,.atal an account a the absurd credulity of the unfortunate victims, wild became the dupes of unprincipled swindlers. Among the delesiveSpro ! jects set fortlywas one for raising .silk worms,-(A laugh !)-- ! and planting • mulherry trees—(lncreased laughter !)--ttuodier toe converung salt water into fresh ; another Mr the construe don of a.fishpool to supply London ,with fish,. The most dise I astroats consequences were stated to have followed the bursting ! of the bubble; persons who lied before enjoyed the comforts of I mediocrity, were reduced to absolute begestry spine died in misery, and. others sought refuge from their distresses in foreign countries. The lion. Gentleman had hoped to support Minis ters in their measures, but he was forced to differ from them in the commercial arrangements which they hatrproposed.— i Notwithstanding, he was bound to ittltnit that cemmerce owed l them much they had leased it to its proper elevation, and este,. Wished on - a secure aed rational formation, , • Mr. 11 U SKISSON differed horn the bon. :A 1 ember for.Taun. tonin point of Commercial Policy, but not as to the causes of distress. A Noble Lent had charged his Right lion. Friends with insensibility, guided, us lie conceived, by air erroneous view of the communication, in which it wits. stated that the panic had subsided. Such - a co.unirnt Om e et certainly have been made under a wrong nuderstanding of the meaning in tended to be conveyed .by the statement. It was well known that such a state of things had existed in the money market (aml he spoke of its concerns iu contradistinction to other commercial transactions), that for • eight-anti. forty hours,. it was not possible to- culvert icto money the beat securities of the country, such as India Bonds, 'Bank Steck, &c. As soon ne the _terrors of the money-market were ICMOV.(I, there was no rational fear of National -Insolvency; and it was 'then ihir to assert- that the panic had subsided, bsceusie it became possible to convert peeper securities 'money. There coOldhe nu doubt but that his Right lion. Friend, time Chancellor of'. the Exchequer was aware . diet the commercial_ panic would neces sarily continue for some time to derange the orrati.ins of com merce. To such inevitable effect his intiniation by no means referred. _The lion. Member who last spoke seemed to have been perfectly aware of the distinction which he had drawn with regard to the 31oney Market. He had truly stated that the Bank, by its praiseworthy exertions, had stayed the progress of failures in the country. The,Bank had acted with extreme pm piety, and had not merely saved other banks by -its interposi- Lion, but had actually saved itself. It was therefore that his Noble apt Right Hon.. Friends, in. their conanunicathme with the Bank had employed theeerms which were the Subjett of ant ! nutdversion ; for they knew that their meaning, in reference to the Money Market. could not be misconceived by those to whom they addressed themselves. Now as to the statement that there were no convulsions in Scotland, It. was meant by that no failures of bunkeie had occurred there; but the Chested-- lor of the Exchequer wee not ignorant that commercial distress prevailed there to a very cansiderable extent. The distinction was a fair and 'necessary one between the money market anti ould be ai g;ood he sibility, he could only re .gcliiwtts the state of the currency, w i ti l liale t ::l l :3l l :ile:l l ifliet tl si:l:ll.ii e ttlicteielltit r olca,):w c enusit:nl i t.edts a it:tirt l ettitiesootte,i t .iot, i ntout i tnbpil s ifti,atseilia t ( r ;trilitt e it;ilahitury s earpteii .. sodl,occe itodethot,tatirclburillloeiriactvddneiert:Snciinoanttlottnttalaß those wl,o conceived that i t i th n i k ,sg er lyi s i 4. - esl c r g rnit ti lni r ttot o eh r geru e s t. :dol d i withi!ro:gh Masses. I tugnei, thtem in 11110 on thellullien e w So fully' into the case. 'An e it disaertadon on the g,*ene. rag system 'of banking-bed stated what was expendient to be done, and had advised to increase the capital of the Bank Of England et the close of its Charter. He been enlarged upon the ditheence which the removal of the dead weight would occasion to the system. But he (Mr. Huskisson) wished to observe, that • the. Honourable Metriber's statements as to' figures were correct.not perfectly correct. When it was asserted that eight millions and a halt were annually paid to Government by the Bank, it should have been noticed that a re-payment of live millions four hundred thousand consiilerably reduced - that amount. — There were Other reductions -alao, but he could not then enter into a discussion of those arrangements. The Hon. Gentleman must himself from experience be aware of the nature of -a Con tract for Loans with Government. The Bank Corpitration tin. dertook the load of doling out annuities to the public. Way they chose tado so was no question for the House. The lion. Member wee in error when he drew a picture of the ruin of the Bank, and of the locking up of their stores in consequence of their advances to Government. The fact was, their original capi tal had been lent to Government at the prioe of their Charter ; • but over the sums, which they hail since acquired, Govern- • ment lied no controul , whatsoever. The Bank Corporation were the Bankers of the State, they paid frorWday to day, and there was no deficiency. ,To answer for the twenty-four mil lions spoken 'of, there were the Deficiency Bills and Excise quer Bills to the amount of six millions. The night lion. Gentleman thew proceeded to show that the exports of time country were on the increase. Ile cared not to what quarter .of the globe, provided they were productive of wealth. They were sent to India, and we had gold in return for them". ,alts Right .lion. Friend bad expressed himself with manliness and firmness on die measure to which allusions had been inatle.--, • His Right Hon. Friend said—bet the blame fall on hie, hut look prospectively to what is to be done for the Interest of the country. He said whatever be the blame as attach iag to me, look now to the relief of the country. The Honourable Member who had spoken last imputed to his Right Hon. Friend that the had not gone into a statement of the evil.' Ilia Right Hon. Friend said it was to be found in over trustiest.. lie admitted it was in the excessive spirit of speculation, which stood one re. quailed by a similar spirit at any torm ant _n. er period, the verses which had taken plate.. It was us be traced to the stag. miechievons. nation in commereild dealings, and the want of tot tidence which had 'rendered unsaleable and unconvertable to money most. of the general articles of tradin. The 'eifeet of spa - illation in t h e case, he might ask per due articles of fair trading; hail produced rapid loeses and this. itequeinual with the the City of I.4ondop, aster's never before known. The effect of country notes under those he }owes a•isli d ai t t r t s i t v r ti es t 4 h i ls ig hl e nbeiceinn:loolinwe.ethrnso. equally miteion, to read a publication wMcli allotted to the state of trade during the last year. Gentlemen, week, for the information at s in merchants, the prices of various articles, and a skew was given knewinean there which t as business published " e every Carried at the end of the year, which chewed the _improvements in * m ad A ppear to be w commerce. If the ,Houseleoked to the persons who published well acquainted With trade and able to form a a t t 4 -t y he cud of the'last year was this : speaking good opinion on the subjetit. Thu whilst others only Made tethporary , t i l t i rs c t s c e n s i t e ti n t t el i t n i c a t: i t e s of speculation ht the month of :trireli how, it A mania brokers..' The for speculation took possession of all classes. Many had money peculiarly engae ttloepcoosvit'Srotinisertirieltitsrcphtrurhaiied in their names by red time public attention.-.- 11rflitlecyleanduYtannliCriel L ettn n i qd. to I:.s. till. the pound in one month. t utter spices were also the objects of attention, Met) cottons, and drop of every port. 1 Ilse in the different art:-its was so extr aordinary, that merchants, shopkeepers, and others partook of considerable profit. „The rise in the market was such, acme. sinned by the spirit of speculation, that it exceeded any thing e r i a i l at ity wo te u . l , d h l ay i e l • c o s c pe cu ou rrci a d tio h n ad wa i l he n .-: r a k s et t be he ellj Ho e t i l l . loieintstletatin7 or Joint Stock Banks, with limited responsibilities as to part prietors, which would encourage respectable capitalists to en gage in concerns of that nature, and hold out fresh security to the public. In addition to these suggestions, he should recom mend, finally, another and a more equitable adjustment of the ,standard, by the introduction of the silver eel() jointly With that of gold, and press upon the Right Ham. Gentleman and his col leagues the propriety of relieving the Bank of England of the incumbrances which it now laboored under, in consequence of its having gone too tar to meet the wantwofGovernment—mea sures which be had reason - to believe might go very far, if not all the way,..to reach and 'remedy the evils which alt equally de plored.--(Cheers.). Lord FOIKSTONE called on. the House to . pause before. they assented to the resolution which itadbee.n proposed byathe Right Hon. Gentleman. lie had listened with great pleasure to the statement of his Hon. Friend ; and 'hough there were many things in which be heartily concurred, there were Some points. to which - he wished to advert. The nonce had been called on to remedy a great evil .Without unilerst - nistiiine the cause in which it originated, It 'appeared to bins that an infl portant crisis had ceeurred, which had produced a scions_ Cc villsion of property - throughaut d'ea country. No nutn knows on what to cola-awe as his own, for from recent expelienee. it was easyes which -hut to perceive shut there was sothething une ound in the principl hitherto reaulated the country. Right Honourable Gentleman . (the Chi:metier, of toe • Bache eater) was mistaken if he thought ls-hn (Lord Foilletono) ; 15 -- dined to such fluetuatioes as had taken piece. (hi ale cow:. trary, he was of opinion Ow nothing , - more pernieious to the country than the recurrence Ot such fluctuetiens. thought that the Right Honourable Gee:Luta:l was takieg a wrong course in ilia endeavours to check the evil he the Measure which he has in contieneheioe. In Chia he was confirmed by the exposition mi;i, h 15;0 been on the subject by his 110!1. Friend (Mr. Baring). If he not intsuederstand the meaning, that lion. Getalemen had stated that the proper wesselly was net seen by .Nl:iesty's Ministers. The Right Gehdeman. never, the course of hie speechortiveried to real' cause. of the - fficreaa. Enid left them aar poke ..diont f;lr su r,- lledv. toe! they were new in a state of- ignorance as profound as if she Right floneor able Gentleman had not opened his mouth on the s:iiieLif -- Apology was 'really due "fronu.tists tsars. Gentleman and his colleagues to the liouse. Meat* remedy in the repeal of die measure -of 1822; in the promotion of which the Wight lion. Gentleman was instrumental. lie (Lord Folkestone) did :pot think it right that- the • Bill should pas. Without some concomitant meosures. The Bill was brought forward in 1822, after a period of great distress, but since that time the Right lien. (Temkin:us stated that ni niters assumed a snore favourable appearance.' The great dist-teas prevailed in the year 1822-3. It was then asserted that the hill t was introduced to increase the cireulating tnedinni of the cams try. It his prod uced a rise cf pric,,;s, for since its passi'ng prices • have gratlud!ty riszn. In 1819, the hill which wit Tidied .Mr. Peel's provided that after 1823 there should no further isssue of -note. The consequence was that the Bank of England ; begat I to collect gold to meet life -'l'xigency, - and also to contract its issues. This was ri matter of prudence on the part of the Bank, though pioductive of great distress. To remedy this evil the ! Bill passed, and the natural event follawed. Now, wjll hot the I same cause bring on similar distress? There was nothing - more calamitous than the fluctuations—(Heat, hear !)--lo every description of pereons in the kingdom.- There wits distress in the first instance, hod then Mr. Peel's Bill followed—then sueceeetled a rise of prices—and now it is proposed to proceed with similar ineensistency. No person knows what to do, - or." haw to provide against. the uncertainey that prevails in thial respect. • The pooranan, however, fa..the „gyeatest" sufferer in these eases, in More ways than thatstated by the Right lion. Gen- ; tleman. The poor man is affected by the rise mut - by the fall of prices. the fluctuations scare going forward, the poor ratty were acconlingly.progreesively advancing.beyond any corn- prolson which the Corn 'Laws would justify.' There might litre been a slight deviation or diminution; but the principle of the , pear-rates was pro;ressive. The poor man might be empinyed ' in a rise of prices, but at a fall he hail ho other resource than • the potharates. The ptor Arran of the. present day was not -such deltdracter as he was twenty-live years agb. The rate Is now chntored to his prejudice. The poor-rates-eontinstal to increase. ; they. tepee increasing during all the periLals of these flnctu.iii , ”.s. The (first scale of poor-rates established in the t ..:nntry he acted as a Magistrate - was ls. thia and a loaf of hr. ;t:ip :r wee', for every than; Is. 2d. end a loaf of bread for' every ; and is. wait loaf 14 every einh.i. In another county, where he also acted as a magistrate, it was nearly the name, hut now-it was considerably reduced. These fluctuations, which 'were always, he thought, prineinally attributed to the policy of :the Government, operated fatally upon the lower orders ; although the poor rates were increasing, the al- I lona:nee to the poor was consideeably , le (amid not a give his support to . the Resolutions of the Honourable Gentleman, unless they were accompanied -with some concomitant measures. He was not prepared to state, nor did he believe the House was prepared to say, what these measures - were. 'There was not sufheion t information be:fore7the House to. enable them to death!. . greht-outcry had been raised against the issues of ohe and two pound notes, but he did not think the iltictuationa were at all attributable to them. Thtise were inn the cause Of the ernbaiwassmeets in 1783, nor of those of 1793. There was something peculiar in this country which required. explanation, With respect to the other trea sure, there were many objections to it. If he understood these jelettatock.companies, which it was intended should be formed, instead of. giving relief they must operate injuriously. The 4-ktress upon the Continent at this moment was its great ua ire this cnuntry. How could this be explateed ? And as to those measures giving relief in tiniea of difficulty, it was impossible. There was no security that these measures would relieve the people. The Right I I °towable Gentleman will get into ti scrape by attempting to withdraw the one and two-pound notes. The Right Hon. Geutlemair says those anett.-• sures are intended to give security to the holders of. notes ; at another time they were only intended to g ird againat fluctua tions. 'These inconsistencies proved how u o tit and how unprea , pared the nom Geptleman was toestate his reasons for the in troduction of.these, measures. With respect to the correspond ence between the First Lord of the Treasury . and Chancellor of the Exchequer and the. Bank of Englands it was not perhaps necessary that either party should know how to write Correct English, but it watt evident the correspondence contained the greatest Inconsistencies. At one tine: con.mereo was restoredlo , its accustuMed channels; - but then there .existed, difficulties. Once it is attributable to the revenue ; another time it was be. yond all Parliamentary interference; and nOw they were called • upon -to legislate ; but the House would do wisely to pause, 'and consider well-before they.legialate3 upon the subject. No person contributed more to. the present difficulties than the !Light Hon. Gentlenian who cried up the prosperity Or the country—the unexampled prosperity, US he called it—and those who thought his prosperity fictitious, and that there was some, thing hollow in these statements, Were laughed at. It *as this cry of prosperity that led to the wild speculations. Which pro dueed so much ruin. Mr. A BERLY, after observing upon the irrelevancy of sonic topics which have been introduced in the course of the discussion, and denying' the soundness of the opinions which had been advhnced upon - thedn, proceeded to inquire into the causes which had been : assigned for the public distreee. On this . subject, he regretted that Government did not appear to possess much Sada:W.oly information. Two 'Opinions had been advanced; first, - that the • distress was attribut able to Banking System ; and, secondly, that it ar ose Croat a prevailing • rage for ovinetrading.—There were wlfich - many who said that the ruinous epeeulatione into the public were _betrayed had their origin ; in the over-issues of die Bank, which produced a low rate of interest, and therefore impelled people ..to seekut the most extravagant advert to th e f ac t that the of owr,issoes, those who urged it as a rea s on, ditt not a pp ear to means of enslaving their capital.. Now as to the alleged elect su bject of their coMplaint eihsted for a full year ki nd a half, before it was ind icate 3 by the State ofthe Exchanges.' It would therefore Wive been impossible, if Over issues were the true cause that they could exist en hung without prude:deg the effect stscribed to. cheat- differences - odd variation •-of the E xe hanqes were_ keenly . : watehed by men, who devoted their ',allele time to that .single anlaect, . and aata it to be %unposed that they could fat so long a time have failed to diet:over the overeissuea of the Bank. On this ground the lion. Gentleman ds hied . that over-issues or the Bunk were true cause. • Ministers admitted that they hail no teat whereby to infer the fact, but it the fact were as it Was asnerted to be, a wet woold have been fonnd in the state of the exchanges. Ile conceived that both the Bank and Cloven). meat Were blarneable;.int w ho occa.ion !Tie over-issu es, .but tiovern ment With their dead weight. lie then detailed the state of the exchanges from the middle of the y ear 1823, to the close Of The speculations he aeserted commenced in 1823,1011 g before the exchanges indicated Over WOO.. Persona habituated i to domeatic comforts, could ne t readily relinquish them without a !draggle - t when their finances failed them, theY borrowed si t p tied it followed that the ra ta of ncreased.— interest was Mr.. Took, in his late work, assignedatididonal causes Otedis tress. In. 1824, excessive stocks of goods were taken in by traders, thassupply and consumption bore up proportion to each other—and in 1825 •eame.on thereesetion. Prites betenne and , . tient y reducedea sa l e arew t ht - it—discounts varied-_.every corn ercial misfortune owed—and addititm to all, a senseless :panic seized on the g m M people( Men were called upon to make int. mediate 'Payment, who, from the very nature of things, can not Ifc supposed able to pay all they Owe. At that trying period, the Bank of Ehgland stopped lioward, an_ d its exertions to arrest the public evil were mOst creditahle toit, mewthers. This Was, a short history of the results of over-trading - --a sad lesson, butt he hoped, a useful one to teach men to avoid the recurrence of sitllilar calamities. Two rernediet were proposed for the exis ing evil. The first, he considered, to be totally Wiettetheuta for e . s . • . „ , atipposeif confined to what was (gifted bealamite knerttea ; ,e it was found in all the ordinary pursuits of London trade. TtteN speculations attached to almost all the staple commodities or the country—cotton, wool, timber, linen, tobacco, and every article t ese.„ of expensive consumption, was peculiarly the object of specula,. tion.. lie might ask, when did this take place, and under AA circumstances ?a It rook place when the course of exchange a - was against this country. When the gold was going fastout of the kingdom, and if there was one axiom applied to 'coin. merce more cettain than another, it *as the axiom .as. old air commerce itself, namely, that, an unfavourable course of Ex change had a tendency to enco u rage exports and el.e.ck imporof. Every country in the world, every corner of Asia was 'ransack. ed AS it were, for cotton and wool, to answer the purpoaes of speculation. if these extensive and delusive speculations Went. On, it watt natutal !o ask whether such a. state of thlaes cot4d last? It was fiveseen that it could•not go on, and it was : also • snit that the effect would be unfortunate with respace to ars in.' ternal state of the country as coenected with the cuarency.— There might heve been ;tome diffarence of opinion, erns the subject, bitt all agreed that it was impossibl e that 'geld tesela go forth from the Bank for country meta beyond a. ceeteio pert d, without the Bank taking measures to check spe.uhe iere• The intemperate spirit of speculetion was checked and re tit was the consequence ? Some of the country banks, utetbie to pay the excess of demand, were ruined; and involved Marty • o hers in that ruin. Then came the state of things which made impossible to real& the plan of having notes in circuletioe o: thti m , t ? o g : t in i al co v i a m h t te ry o b f tabneksC,Utrhreen flank oo les two rof gold, was assailed by 7 or 809 banks smoking a ai- - 1 1 :nk M o ' f he E li n I g h l e a l n 'a d n , ic tis t r g k e l f ' i l c 4 r c e r i nuthaneous demand* specie. Ile asked the Hon. Gentlemen andthe House, whether the state of things which exposed the eo e try to this . panic was altogether safe and consistent With th c: in interests of the country s His own deliberate opinion, which he had formed by watching the course of events, was, that a permanent state of cash ply - meets, and the circular. tion of one and two pound notes could not co.exist.—(llear !)-- s The itighe Hon. Gentleman took it to be an established prone:- , T sitit 'et that ifehere be in any country a paper currency of the seine denomination as she coin of the country, they would not circulate together. One would drive out the .other. 111 alas notes of the value of a crown pi e ce, and a crown would never he seen in circulation. Allow one potted miters to cita :mime, and they would never see a sovereign. In London „bey.Ledacirculation of sovereigns r in Lancashire a circulation' ef ewes. /In 1793. when gold was sent into . the country where • 11. 'notes were circulated, it went down hy aw snail coach and was returned by another. If that was the state of the currency . they muselook to the,eareet produ ce d on the Bank of England. Every country bank wits influenced by a very !stir desire, doubt, to increase their fun so They relied, if • they had pre." denc4and, judging nom the past, ninny did not appear to Kea seas pradence) on the Bank of England. He believed the • coaaey Linkers were among oae persons of wealth in the coun. try, and that they were highly respectable. Still he repeated,- if they had prudence, they must rely on the Bank of 'Englired for support. The Bunk of England had not only the , $OO eoantry banks clinging to them, but the banks of Scotland and also that of Ireland. Would Gentlemen say the Bank of Eng.' land onght to provide gold for all other banks on every panic 2'. The thing was impossible. It was nnfair to 'expect 'such ece.mtnodation. The .Bank, by voluntary surrender , 'of its priviege, was entitled to the thanks of the public. They had the sense to know. the present system was injurious to ,hem ' and that it could not pos s ibly stan d. Why was the Ban kof England, interested as it was in credit like other Banks, to hear all the difficulties of Courtly Bunks? The itight Hos pourable Gentleman was, .however, speaking only with ref r- once to a panic Which hart happened, end might happen again unicss the present s y s t em - was changed. ..fle recollected that • he stated last year, upon a discussion respecting- foreign ex. chenges, that speculation seas. too high; that gold was going abroad, and that great dis:resa must tallow an unfavourable harvest. happily the harvest bed not beta bid, but if' they had been placed under difficulties without an unfavourable harvest, were they prepared to say the Bank of England was able to meet panic under an unf a v ou r a bl e state of the harvest. He said in the most positite 'manner that the question 'wee neth ng less than whether Parliament were prepared to incur hazard and diagrace ny retaining the toesent system, .or whe. titer they were prepared to meet a date 'of things which could not he tong endured, by lumina down one and two po lle e notes. He had ascertained that the. question assunnel a greve character. Ile agfeed• with .his * Honourable Ft land, tam is was not to be coesiilered a part ) , question, but it was a (pee. , tion of the greatest moment. It' tile House did not (Moe( hia proposition,. he would not be responsible for the cOnsetea. He (Alr. Huskisson) considered the responsibility greater than many Honourable Members imagined. The fault Would nut be that they had not a remedy for the evil, but that the re• medy had been rejected. They foul en excess of paper.- The circulation of one and two pound notes was dangerous to• the currency, and thereforehe asked whether the remedy proposed shpald not be applied ?e:wheiher.the Currency should not be phred on a firm basis ? If he did not believe his ilonersiend ha l been in England during the last three or four months, he should have thought. his Hen. Friend had been abroad. where the calamities of Country Banks were unknown.. Had his Hon. Friend seen the distress in country towns occasioned by failure of Banks . ? Who could describe the sufferings of . • tba labourer who was paid his **get in one, pound notes when a bunk broke. That distress which had overtaken the•farmer awl labourer, had also overtaken the dUaent classes of menu. facturers. The Noble Lord had said the agrieultural inter, s 'was improving; but he cosiltt tell the Noble Lord that ditto, Milted means, among manufacturers:, would diminish the•inte. rests of those who provided for the conomers. The prosperity lifer 1822 was occasioned by the raliclepplie t to manufacturete. Tae distress which pervaded manufacturing districts wnuhl always be felt by those who provided the erotic* of consump tioo. His Honourable Friend had entitled to France ; but that country never could be compared, in on its periods of dis tress, toe England. In the worst of times in France, • the la bourer never felt the misery arising fleets a paper, currency. Time Government paid the labourer—anti -he were to a cep- lain extent, secured from went. Public distress, in France ot'tefi laid prostrate the forest tree, b u t did not crash the weak' shrub. In the same trianneriet the evil of distresss whertlecame apply to the strong a nd p eas over t h e p oor l a b oarc ia. Let the Bank of England be enabled to meet till demands in the corm. mon course of business. • proper measures thenufevourable state ot'the Exchanges may be avoided, and the currency regtoi lated. It was necessary to establish the currency on a firmer basis, and the question Mai whether the precut was the proper time for commencing a chatege.. lie looked to country banks as one of the best establishments any country could possess under proper restraints. Ile would not allow them to circulate notes of the value of the' coin of the realm. He considered such notes a violation of the Royal prerogntive. Let them issue paper above the highest denomination of the coin. .If they Issued one and two.pound notes they issued that Ott pad' r which Government corned at considerable. reepence. : The 0, • Lion then was whether these mites should .be gradually drawn. He had heard an opinion, that thit i was not the punter' time. The lion. IVlentbee for Grampound was of that opiriton. The Right lion. Gentleman could not admiethe expedienvy of delay. Let the prettent Moment pasts away and they woultilhei • themselves again in a state of ease anti intoxication which would perhaps never be gii'eti tip, What had been the ennsemience . of these issues of country notes? They bad taken-specie foam the bank. It was said, wait a few weeks and the gobd would flow back, and the country be in the old state. That Wait a most erroneous idea. It would only biting on further celareity. Ile did not, however,. clearly see the object his lion. Friend had - in view • Mr. •BATIST(O, in explanation, said, his peripositiero wigs, so begin the restriction upon 11. and wl. notes after one year e • Air. US EISSON could not celculete upon a continuance of circumstances. favourable to the chaege during four. years—. Perhaps at the end of the firm year his Majesty's Ministers alight be toldthey had neglected to produce the change when aloes proper opportunity offared. If' the plan were to be deferred under the present circunistences anuch br the benefit to be 'dee rived from its "would be lost, • /bi 'Noble F.tiend had formerly 'need a system,. which would give the country a more eaten alve metallic currency. He was of opinion tout it was mow desirable to pace the currency on a broader basis than that which would follow front increasing the gold circulation. The light Hon. Gent. had' agreed in some points with the late Member for Portarlington, but. to all the suggestion; of that Gentleman he could not agree. He really thought if that Hots. Member had lived to manage the Bank upon hie own principles,. he would have seen a stoppage of the Bank. lie had entlenvoere • 1 to ascertain what was the best mode of-introducing neYetene which might make silver a legal te'ndcr, so as to prevent the painful necessity of returning upon any occasion to the measure of restriction. An Hort. Member had 'said his Majesty's 'Mi. - Mottles were Womble for not stopping the steam of specula titer, which commenced 'in the :Airing of' last year, and not only himself, but_ time Noble Earl at the Head of the Treasury, warned the public to avoid the very-enseculation , (It aitich file Hon. Member alluded. It was :hen unjustto charge with neglect on that subject. All the caution Was disregarded, Government did all it could to discourage speculation, and, 4 1 e, one instence, they were blamed for endeavouring to interfere in what wait called speculation-for the benefit oft rade. The Bight lion. Gentleman concluded a most able speech by expressing a, hope :flora the' flouee . Woeld ifie proposed measurest to be Adopted tot the means of affording protection, to property, and . promoting the en:iimerci a l intorets or conbtry. It,Mr. n r, Huekissoit) who now so fiercely attacked the 11. anti 2L 'braes, tad been, in 1822, a Memb er of' that very Cabinet which came down to the house and in. i t;T e a n ia ti e e s n ae ian neet t ed to remind tine House, that the - pons trodueed then All • parties then werr making • complaint,, cially. the agricultural Interest. Persons were declariZe that the wow „ et pay their rent, th it labQurers, anti duns